SMEs support initiatives unveiled

The Minister of Finance, Dr. Mohammed Amin Adam, at the second Quarterly Economic Roundtable, unveiled the GH¢8.2 billion SME Growth and Opportunity Programme (SME-GO), launched by President Akufo-Addo in July.

He expressed confidence in Ghana's economic recovery, highlighting significant milestones achieved in the government's reform agenda.

The minister said that following the ongoing disbursements targeted at supporting businesses across the country, the government has decided to include both SMEs and manufacturers in the initiative. This initiative, supported by strategic partnerships with the African Development Bank and the International Finance Corporation, aims to empower SMEs to leverage regional and global markets.

The program also complements existing projects like the US$200 million Ghana Jobs and Skills Project and the US$200 million Ghana Economic Transformation Project.

“Our government has operationalized various private sector-focused interventions to boost SME growth, such as the Ghana Enterprises Agency, the National Entrepreneurship and Innovation Programme, and the Venture Capital Trust Fund,” Dr. Amin Adam remarked.

“These institutions are key to providing comprehensive support to SMEs, ensuring their resilience and growth.”

Dr. Amin Adam further highlighted recent milestones in Ghana’s economic restructuring, including the successful conclusion of external debt negotiations, where the government secured over 98% consent from bondholders, surpassing its 65% target.

The government launched the SME Growth and Opportunity (GO) programme, mobilizing a total of GH¢8.2 billion to provide financial and technical support to the sector in a major boost to small and medium enterprises (SMEs).

The initiative is aimed at strengthening the country’s private sector and propelling the nation forward.